Investing in real estate could be one of the best investments anyone could make in their lifetime. With assured returns and tax advantages, real estate investments are lucrative in all ways to the investors. Just like any investment, real estate investment has its risks. One of the main risks involved in it is asset management. Have you ever thought about what happens to your real estate investments if you don’t have a Will? And do we need a Will for investing in real estate?
“Absolutely yes.”, says Brian C. McMurter, a 2022 ThreeBestRated® award-winning real estate lawyer from Whitby, Ontario. He cites several reasons that uphold the significance of the Will. Let us be real. None of us would want to lose our property when we die.
Brian says, “If you die without a Will, your solely owned real estate and investment properties that you own in your name alone, or as a Tenant in Common, will be required to go through the process of obtaining a Certificate of Appointment of Estate Trustee Without a Will (Probate) to be administered and paid to your legal heirs in accordance with the predetermined distributions by law if you die without a Will.”
The distribution of such Estate to the next of Kin is set out by law, and the law does not always align with your individual wishes. It also does not allow you to take advantage of strategic tax planning that may be available to you with a Will, or give you the ability to hold monies in trust for young family members beyond the age of 18.
Perks of having a Will for your investment:
- Having a Will may reduce costs and expenses with processing your estate and may reduce Estate Administration Tax payable.
- Having a Will ensures your estate is handled by the person you appoint and that your real estate investment is distributed exactly how you want.
It concludes to the point that if you want your investments to be passed on to your heirs, having a Will ensures the process will go exactly as planned after you die.
At McMurter & Associates, we believe in full disclosure of all fees and disbursements, so you will always know what your fees will be. Our fees are clearly set out on our website at www.mcmurter.com, or you can call us toll-free at 1-800-756-7138.
This is for info purposes only, please call us if you have any questions.